US Bancorp Pays $10M To Exit Pension Class Action

Law360, New York (July 16, 2012, 5:21 PM EDT) -- U.S. Bancorp Inc. has agreed to pay out nearly $10 million to end class allegations that its predecessor violated the Employee Retirement Income Security Act by making changes to its pension plan that allegedly shortchanged employees, a settlement rubber-stamped in Illinois federal court Monday.

U.S. District Judge J. Phil Gilbert signed off on a $9.6 million settlement through which U.S. Bancorp and its pension plan will resolve a suit brought by bank workers who alleged their employer violated ERISA by implementing pension plan revisions that chipped...